This study hypothesises that economic governance matters for economic performance; neglecting its role in creating positive synergies between macro- and microeconomic institutions has underlain significant coordination failures and costs. This study examines economic governance in the context of mutual feedback between macro-financial governance (FGV), macro-non-financial governance (NFGV), and micro-financial development (FND) in Germany in the period 1950–2019. The study uses an institutionalist approach, introducing two modes of economic governance based on institutional complementarities and tests its hypotheses using both an exhaustive structuralist analysis and a time-series quantitative technique based on the Autoregressive Distributed Lag cointegration model and the Vector Error Correction Mechanism. The study concludes that (i) the German model of economic governance based on the positive complementarities between FGV, NFGV and FND in the period 1950–1982 significantly enhanced real economic performance, that (ii) the fragmentation of the model became a key determinant of the country’s weak economic performance in the periods 1983–2019 and 1990–2019, and that (iii) the path-dependence of coordinational mechanisms and underlying institutional dynamics, though fragmented, prevented the genesis and embedding of an irrational exuberance in the country.

本研究假设经济治理对经济绩效很重要；忽视其在宏观和微观经济机构之间创造积极协同作用方面的作用是严重协调失败和成本高昂的原因。本研究在 1950-2019 年期间德国宏观金融治理 (FGV)、宏观非金融治理 (NFGV) 和微观金融发展 (FND) 之间的相互反馈背景下考察了经济治理。该研究采用制度主义方法，引入了基于制度互补性的两种经济治理模式，并使用详尽的结构主义分析和基于自回归分布滞后协整模型和向量误差校正机制的时间序列定量技术来检验其假设。